Tag Archives: interest rate

provident

Tread carefully.

Atticus writes:

Heard an ad on the radio this morning (Today FM) for a company that was doing cash loans. Even though they said that “Provident Personal Credit Limited (trading as “Provident”) is regulated by the Central Bank of Ireland” it all sounded a bit suspect so I did a quick check on their website.

You can borrow anything from €100 to €500 and you have a choice of two repayment lengths, 26 or 52 weeks.

26 weeks is at a rate of 187.2% APR or 52 week is 157.3% APR

That is some mark up! How is the Central Bank approving those rates? I’d say it’s also no coincidence that the ads are starting to appear just before the kids go back to school…

Anyone?

Provident Personal Credit

90221682

Former CEO of the Irish Bank Resolution Corporation, formerly Anglo Irish Bank, Mike Aynsley with the Anglo sign on Stephen’s Green

RTE reports:

“New data shows that a total of 166 Irish Bank Resolution Corporation commercial loans accounts were charged an interest rate of less than 1%. In a written reply to Fianna Fáil finance spokesman Michael McGrath, the Finance Minister said IBRC’s Special Liquidators confirmed that accounts with a rate of less than 1% were mainly related to distressed loans.”

“This was where the loan was restructured or where the borrower was in the liquidation or administration and the prospect of any future recovery was “remote”. Today’s data from the Finance Minister also shows that 920 accounts at the bank were charged a rate of between 1-1.99% on their loans. These loans amounted to €399m.”

Hmmm.

166 IBRC loan accounts charged rate of less than 1% (RTÉ)

Photocall Ireland